Acquisitions drive NN Inc. sales increase
NN Inc. reported net sales for the fourth quarter of 2015 increased $30.1 million, or 20%, to $183.9 million, compared to $153.8 million for the fourth quarter of 2014.
Acquisitions added $42.2 million in revenue. Negative currency impacts reduced reported net sales by $11.7 million versus the fourth quarter of last year.
Adjusted net income was $6.8 million, or 25 cents per diluted share, compared to $6.7 million, or 35 cents, for the same period in 2014.
Net sales for the fiscal year 2015 increased $178.7 million, or 37%, to $667.3 million, compared to $488.6 million for 2014. Acquisitions added $212.5 million in revenue. Negative currency impacts reduced reported net sales by $39.1 million versus the prior year.
Adjusted net income increased to $32.4 million, or $1.53 per diluted share, compared to $25.0 million, or $1.37 per diluted share for the same period in 2014.
Net sales for the Precision Bearings group decreased $5.7 million to $58.8 million during the fourth quarter of 2015, compared to $64.5 million for fourth quarter 2014.
Net sales for the Autocam Precision Components group in the fourth quarter were $75.9 million, compared to $81.6 million in the fourth quarter of 2014, a decrease of $5.7 million.
Net fourth quarter sales for the Precision Engineered Products segment increased $41.4 million to $49.1 million, compared to $7.7 million for the same period in 2014, with acquisitions accounting for
INDUSTRIAL SUPPLY MAGAZINE
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